Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 1 decade ago

Accounting help 10 pts!?

1.Which one of the following would NOT cause a bank to debit a company's account?

a.Bank service charge

b.Collection of a note receivable

c.Checks marked NSF

d.Wiring of funds to other locations

2.A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. This item would be included on the bank reconciliation as a(n)

a.addition to the balance per the company's records

b.addition to the balance per the bank statement

c.deduction from the balance per the bank statement

d.deduction from the balance per the company's records

3.A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. What entry is required in the company's accounts?

a.debit Accounts Payable; credit Cash

b.debit Cash; credit Accounts Receivable

c.debit Cash; credit Accounts Payable

d.debit Accounts Receivable; credit Cash

4.Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?

a.debit Miscellaneous Administrative Expense; credit Cash

b.debit Cash; credit Other Income

c.debit Cash; credit Accounts Payable

d.debit Accounts Payable; credit Cash

1 Answer

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  • Sandy
    Lv 7
    1 decade ago
    Favorite Answer

    1.Which one of the following would NOT cause a bank to debit a company's account?

    b.Collection of a note receivable

    2.A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. This item would be included on the bank reconciliation as a(n)

    a.addition to the balance per the company's records

    3.A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. What entry is required in the company's accounts?

    c.debit Cash; credit Accounts Payable

    4.Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?

    a.debit Miscellaneous Administrative Expense; credit Cash

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